Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Oct 2021regulatory community update● Neutral
2021 Sustainability Report lodged. It restates the net zero by 2050 target, the biorefinery joint venture with Frontier Impact Group and a new risk and sustainability committee. The CEO says core focus remains Dorado, Pavo, Apus and Buffalo-10.
30 Sept 2021joint venture update▲ Good
Renewable diesel venture with Frontier Impact Group reports tests showing lower emissions than petroleum diesel. Feedstock MoUs are signed and FEED for the first biorefinery is expected next month. The plant is planned at about 18 million litres a year.
22 Sept 2021drilling scheduled● Neutral
Buffalo-10 spud now expected early November, later than the late-October target, with the rig release from its prior job the stated dependency. Mid-case 31 MMbbl (gross, 2C) is unchanged; the well is to be kept as the first production well if successful, and the target should be reached in about 35 days.
15 Sept 2021investor presentation● Neutral
September 2021 investor presentation titled 'Generating Value Through the Energy Transition'. The visible text is only the disclaimer and resource-estimate statements, so nothing new can be confirmed. Treated as a repeat of known material.
8 Sept 2021investor presentation● Neutral
Corporate presentation repeating known facts: Dorado FEED, Sapura and Altera awards, FID mid-2022, 2C resource 162 MMbbl liquids (gross) and Buffalo 2C 31.1 MMbbl. Pavo-1 and Apus-1 volumes are unchanged. No new information.
2 Sept 2021contract award▲ GoodMajor
The Valaris JU-107 jack-up rig is contracted for Buffalo-10, finalising the rig selected in June. It is the same rig that drilled Dorado-1 in 2018. Drilling starts after the rig finishes current work in about 8-10 weeks, still subject to support services and approvals.
30 Aug 2021annual report● Neutral
Annual financial report to 30 June 2021 lodged. The chairman's review repeats known plans: Buffalo-10 spud late October 2021 (15-48 MMbbl prognosed), Advance funding US$20m, Dorado FID mid-2022. It states production is targeted for late 2025, whereas recent announcements say 2026. Text is truncated, so no financial figures are confirmed here.
30 Aug 2021annual report● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the governance statement on the company website. Administrative filing with no new information.
26 Aug 2021contract award▲ GoodMajor
Santos awards the Dorado wellhead platform FEED contract to Sapura Energy, which it calls the project's last significant commitment before FID around mid-2022. Completes the FEED contract awards flagged in June. Pavo and Apus are to be drilled early next year.
26 Aug 2021contract award▲ Good
Carnarvon confirms Santos's award of the Dorado wellhead platform contract to Sapura Energy, called the final major contract. FID remains around mid-2022 and first production 2026. Development drilling is planned for 2024-25; Pavo and Apus are to be drilled early next year. Repeats the Santos news of 26 Aug.
23 Aug 2021contract award● Neutral
Carnarvon confirms the Altera FPSO FEED award and has now formally begun talking to financiers about funding its share. FID remains mid-2022. First oil is given as 2026, later than the 'late 2025' Santos had indicated earlier.
23 Aug 2021contract award▲ GoodMajor
Santos awards the Dorado FPSO FEED contract to Altera Infrastructure, the project's largest contract. It begins with full definition engineering. A wellhead platform contract is to follow soon, keeping Dorado on track for FID around mid-2022.
2 Aug 2021regulatory community update▲ Good
Keraudren Extension 3D is complete, with ~2,600 km2 acquired over about 50 prospects and leads, up from the 30 noted before. Data now goes to processing; 68% of the basin acreage has 3D coverage. Pavo-1 and Apus-1 drilling remains late 2021 or early 2022.
28 July 2021quarterly activities report● Neutral
June quarter report: cash A$98.4m, down from A$103m. Dorado FEED started, a Buffalo-10 rig was selected, and the net zero pledge and renewable fuels venture were made. Dorado FID is targeted for mid-2022. Mostly repeats known updates.
16 July 2021remuneration report● Neutral
3,119,670 performance rights granted to management and executives under the new plan flagged earlier. A further 2,724,655 for MD Adrian Cook await shareholder approval at the AGM. Long-term rights vest on shareholder return hurdles over three years.
6 July 2021business combination● NeutralMajor
Carnarvon forms a 50/50 joint venture with Frontier Impact Group to make renewable diesel from biomass, investing A$2.6m seed capital. First production is targeted for late 2022. It is a new line outside oil and gas, which the company says will not draw on its core projects' resources.
6 July 2021regulatory community update● Neutral
Carnarvon commits to net zero emissions by 2050 or earlier, starting by offsetting its current head-office emissions. A roadmap is still being developed. The focus stays on Dorado and Buffalo, with portfolio diversification into lower carbon assets mentioned as a future aim.
30 June 2021contract award▲ GoodMajor
A jack-up rig has been selected for Buffalo-10, with a letter of intent signed and the formal contract being finalised. Drilling is expected to start late October 2021. Carnarvon stays free carried for the first US$20m. Timing still depends on approvals and support services.
29 June 2021joint venture update▲ Good
Carnarvon confirms Dorado FEED has begun, with FID on schedule for around mid-2022. It has engaged advisers to fund its 20% share and will approach financiers once the FPSO and WHP FEED contracts are finalised. Repeats the Santos announcement.
29 June 2021joint venture update▲ GoodMajor
Santos launches Dorado FEED, the step expected this quarter. Phase 1 gross capital cost is about US$2bn, with initial gross oil of 75,000-100,000 bpd and FID around mid-2022. Santos is also seeking buyers for non-operated equity in Dorado.
11 June 2021regulatory community update● Neutral
Archer 3D (~1,600 km2) finished 1 June and the Keraudren Extension 3D (~3,200 km2) has begun. Carnarvon restates Pavo-1 (82 MMbbl mean, Pg 34%) and Apus-1 (235 MMbbl, Pg 23%) plans; the Tom Prosser rig has been delivered to Santos. No new results.
18 May 2021regulatory community update● Neutral
Archer 3D seismic survey is about 63% acquired of the planned ~1,600 km2, progressing as planned. The survey vessel then moves to the Keraudren Extension 3D. This is data acquisition, with no results yet.
11 May 2021drilling scheduled▲ Good
Buffalo-10 is planned for Q4 2021. Advance Energy has paid the US$20m, so drilling costs Carnarvon nothing unless the well exceeds that. Long lead equipment orders are placed and the rig tender is nearing completion.
27 Apr 2021regulatory community update▲ Good
The Archer 3D seismic survey has started over Dorado and the area south-west of it, expected to take 40-50 days. The Keraudren Extension 3D, covering over 30 prospects and leads in WA-436-P and WA-438-P, follows. This is new data acquisition, not a result.
22 Apr 2021quarterly activities report● Neutral
March quarter report: cash A$103m, down from A$106m. Highlights are the completed Buffalo farm-out, the rig secured for Pavo and Apus, and Dorado FEED entry in the coming quarter, with FID targeted for 1H 2022. Mostly repeats known updates.
20 Apr 2021farm in farm out completion▲ GoodMajor
The Buffalo farm-out to Advance Energy is complete: it now holds 50% and has met its funding requirement, so Carnarvon is free carried on Buffalo-10 up to US$20m. The well is now said to be on track for late 2021, subject to securing a rig.
1 Apr 2021farm in farm out agreement▲ Good
Advance Energy has raised the capital for its 50% Buffalo stake, subject to its shareholder vote in mid-April, and Timor-Leste government approval is received. Carnarvon is carried for Buffalo-10 up to US$20m. This clears two of the conditions in the December deal.
12 Mar 2021joint venture update▲ Good
Carnarvon notes Advance Energy has published a presentation on its capital raise to fund the Buffalo farm-in. It restates the December terms (up to 50%, Buffalo-10 free carry up to US$20m) and expects completion shortly, with no new figures.
9 Mar 2021investor presentation● Neutral
Corporate presentation to an institutional investor conference. The visible text is only disclaimers citing previously announced resource estimates (latest 17 September 2020). No new results are shown.
3 Mar 2021contract award▲ GoodMajor
The Noble Tom Prosser rig, used on the 2019 Dorado-2 and -3 appraisal wells, is contracted for Pavo-1 (101 MMboe gross target) then Apus-1 (307 MMboe), starting late 2021. This firms up the drilling plan; success could add to Dorado resources, and the wells remain unproven.
